The Russian Ministry of Economic Development has prepared a draft bill to launch golden visa scheme similar to European ones, issuing residence permits to foreigners in exchange for investments, according to latest media reports coming from Russia.
The new scheme is aimed at attracting investors from Africa, Asia and middle east countries to lift the development of the Russian economy and creation of high-productivity jobs.
According to the bill, foreigners making the following investments in Russia, will be eligible for permanent residence rights (right to work, health coverage and other benefits) with exemption of military service.
- Own Russian real estate worth 30 million rubles (US$ 400,000) for three years before applying for a residence permit.
- Own Russian government bonds worth 30 million rubles (US$ 400,000) for three years before applying for a residence permit.
- Open an individual entrepreneur, investing 10 million (US$130,000) in the business and hiring 10 Russians.
- Own a Russian company by investing at least 15 million rubles (US$ 200,000) in its capital. You can also own a foreign organization, but then you need to make an investment of 50 million. The company must work for at least three years.
- Invest 15 million (US$ 200,000) rubles in a Russian business (not necessarily becoming its shareholder). The company, however, must also exist for at least three years, pay at least 6 million rubles in taxes and employ at least 25 people.
Investors with permanent resident rights can exit and enter the country anytime. Family members are also given residency rights.
It is important to note that investors will not be eligible for any tax breaks for their investments. If the investor spends more than one year abroad outside Russia, the permit may be revoked.
In 2020, Russia has made huge leap in dual citizenship legislation, allowing dual citizenship to naturalised citizens.
Foreigners who have been permanent resident for five years can naturalize to become a Russian national. Persons who speak Russian at a sufficient level or are Russian-speaking can take advantage of the accelerated procedure.
